New York Mayor sues five largest oil companies over global warning

A lawsuit has been filed against the five largest investor-owned fossil fuel companies by New York City Mayor Bill de Blasio due to their contributions to global warming.

The City said it will be seeking damages from BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell for the billions of dollars it will spend to protect New Yorkers from the effects of climate change.

This includes damages to pay for harm that it had already seen and damages that are necessary to address harm it expects to happen over the course of this century.

The Mayor also announced a goal to divest City funds from fossil fuel reserve owners within five years that would make New York City the first major US pension plan to do so. The City’s move is among the most significant divestment efforts in the world to date.

Mayor de Blasio, said: "New York City is standing up for future generations by becoming the first major US city to divest our pension funds from fossil fuels. At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits.

“As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.”

Capital Com SV Investments Limited is a Cyprus Registered Company with Company Registration Number HE 354252. It is a regulated Cyprus Investment Firm, licensed by the Cyprus Securities and Exchange Commission (CySEC), under license number 319/17.Capital Com SV Investments is authorised to provide investment services in more than 20 European countries.It is an Investment Firm following the implementation of the Markets in Financial Instruments Directive (MiFID).

The information found on this website isn’t applicable to residents of the USA or Belgium and shall not be used or distributed in any country or jurisdiction where it goes against domestic legislation and regulations.

All content on this website belongs to Capital.com, unless stated otherwise. Any of the website content that belongs to Capital.com is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Whenever shared or adapted the content must be accompanied with appropriate credit to Capital.com with links or hypertexts leading to Capital.com and the initial page of the content's publication on Capital.com. All third-party owned content appearing on this website is subject to the rights of their respective owners and the applicable distribution rules.